Why Selling a Home Costs More Than You Think

When it comes time to sell your home, you may be surprised at just how much it costs. There are many hidden fees and costs that come along with selling a home, and they can add up quickly. 

These are three of the most common hidden costs of selling a home and some tips on how to avoid them or cut them down. 

Repairs

Selling a home can be more expensive than initially anticipated due to the need for repairs. From replacing outdated kitchen appliances to patching up stairs, the cost of making sure a house is structurally sound and aesthetically pleasing can add up quickly. 

Additionally, you may find yourself needing to tackle even larger projects such as roof repair or foundation stabilization — tasks that take time and resources, increasing the total dollar amount it takes to prepare your house for sale. Ultimately, repairs are necessary to make sure a home meets the expectations of potential buyers, so being prepared for them from the start will help you budget accordingly.

Commissions and Fees

Selling a home can be a trying and often expensive task, as there are more costs to consider than just the price of the property. One of the most significant expenses that must be included in accounting is commissions and fees. 

A traditional home sale will mean paying 6% in commissions to a real estate agent. Even with such expenses related to selling your home, negotiation and researching different options ahead of time can help minimize some of those associated costs while still allowing you to get top dollar for your property.

Capital Gains Taxes

Selling a home often comes with more costs than most homeowners initially consider. Capital gains taxes can be a large expense that can easily surprise those who are unprepared. To avoid an unwelcome financial blow, it’s important to do thorough research, understand the process and prepare accordingly. Speaking with a real estate professional and/or tax specialist before selling is key to minimizing stress while ensuring the very best outcome from the sale of your home.

While you may believe that selling your home will lead to massive profits for you, it can also have lots of costs. If you’ve never sold a home before, you may not know what to expect. Prepare yourself for these three costs when you sell your home.

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